Reference: Securities Exchange Board of India
Update:
Non-compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Standard Operating Procedure for suspension and revocation of trading of specified securities
The depositories, on receipt of intimation from the concerned recognized stock exchange, shall freeze or unfreeze, as the case may be, the entire shareholding of the promoter(s) in such non-compliant listed entity as well as all other securities held in the demat account of the promoter(s). Further, if a non-compliant entity is listed on more than one recognized stock exchange, the concerned recognized stock exchanges shall take uniform action under this Circular in consultation with each other
The recognized stock exchanges shall take necessary steps to implement this circular. The recognized stock exchanges shall disclose on their website the action(s) taken against the listed entities for non-compliance(s); including the details of the respective requirement, amount of fine levied, details regarding the freezing of shares of promoters, the period of suspension etc.
The recognized stock exchanges may keep in abeyance the action against any non-compliant entity or withdraw the action in specific cases where specific exemption from compliance with the requirements under the Listing Regulations/moratorium on enforcement proceedings has been provided for under any Act, Court/Tribunal Orders etc
This Circular shall come into force with effect from compliance periods ending on or after March 31, 2020. It may be noted that the SoP circular dated May 03, 2018 would be applicable till the time current SoP circular comes into force.
Reference: Reserve Bank of India
Update:
NBFCs can pool gold jewellery from different:
branches in a district and auction it at any location within the district, subject to meeting
the following conditions:
a) The first auction has failed.
b) The NBFC shall ensure that all other requirements of the extant directions regarding auction (prior notice, reserve price, arms-length relationship, disclosures, etc.) are met.
Implication:
Non-adherence to the above conditions will attract strict enforcement action. The aforementioned Master Directions are being modified accordingly.
Reference: Central Board of Direct Taxes
Update:
No hearing opportunity to revenue is required before admitting settlement application
Income Tax Settlement Commission v. Akshar Developers – [2020] 113 taxmann.com 164 (SC)
The Supreme Court dismissed Special Leave Petition (SLP) filed by the Income-tax Settlement Commission against the ruling of High Court wherein it was held that Settlement Commission had violated provisions of section 245D(2C) by providing an opportunity of hearing to Commissioner (DR) to object to admission of application instead of rendering a decision on the basis of report of Principal Commissioner.
The High Court by impugned order held that section 245D(2C) does not contemplate affording an opportunity of hearing to Commissioner (DR) at time of considering application for settlement for admission and at best, Commissioner (DR) may be heard to deal with any submissions made by assessee, if called upon by Settlement Commission. Under no circumstances can Commissioner (DR) be permitted to raise objections against admission of application at threshold and to make submissions other than on basis of report submitted by Principal Commissioner.
Settlement Commission had first heard objections raised by Commissioner (DR) against admission of application for settlement and thereafter had afforded an opportunity of hearing to assessee to deal with objections raised by Commissioner (DR).
Reference: Central Board of Indirect Taxes and Customs
Update:
Clarification relating to import of gifts:
The Directorate General of Foreign Trade (DGFT) clarified that the goods imported as gifts can be allowed import free (i.e. without prohibition) on payment of full applicable duties.
Since the goods imported as gifts would be personal imports, the full applicable duties will be as follows
(a) Basic Customs Duty at the applicable tariff rate as per the First Schedule of the Customs Tariff Act for the heading 9804 which is 35% at present.
(b) IGST at the rate specified for the heading 9804 (Si. No. 227 schedule IV) in Notification No. 1/2017 –Integrated Tax (Rate) dated 28th June 2017 for IGST which is at present 28%.
Implication:
Goods Imported as Gifts can be allowed Import Free on payment of Full Applicable Fees
